How To Find Financial Aid For CollegeWhile parents may be a primary source of education funding, there are many other avenues that students can
pursue to find additional funding.
Grants & ScholarshipsThese do not have to be repaid. A grant is money awarded on the basis of financial need, while a scholarship is awarded based
on many different criteria.
Federal Grants - Pell Grant ProgramThese are yearly government grants are given to qualifying undergraduate students. Applications may be obtained
through high schools or colleges.
State Grants / ScholarshipsThere are state grants and scholarships available to students who are legal residents of the state. Most state programs
insist that the student attend a local college or university, but a few have reciprocal agreements with other states.
College Grants / ScholarshipsColleges and universities are an important source of aid for the student. Students must demonstrate need and/or meet
certain requirements to be eligible. Here are some of the criteria for awarding a grant or scholarship:
- Academic Achievement
- Leadership Potential
- Artistic Talent
- Proposed College Major
- Athletic Ability
- Community Activities
- Special Interests
National Merit ScholarshipThe National Merit Scholarship Corporation is the largest private scholarship source in the country. Awards are given
based on Preliminary Scholastic Aptitude Test/National Merit Scholarship Qualifying Test scores taken by high school juniors. Your guidance counselor can
give you more information.
Reserve Officer Training Program (ROTC)Students who agree to serve in the military as commissioned officers after graduation can qualify for
scholarships. Hundreds of colleges nationwide offer an ROTC program. High school guidance counselors have a list of ROTC schools.
Professional AssociationsIf you have already settled on a career or specialty, investigate professional associations related to your field of
study. They may have scholarships to encourage students to pursue careers in their field. Your library is a good source for information about scholarships
and grants offered from private organizations.
Stafford LoansStafford Loans offer an excellent source of financing for students. The traditional, government subsidized Stafford Loan is available
to qualifying students based on a needs analysis. No repayment is required until six months after graduation. Borrowing amounts vary depending upon
undergraduate and graduate study.
An Unsubsidized Stafford Loan provides assistance even if the family's income exceeds the guidelines. For more
information click here.
Parent Loan For Undergraduate Students (PLUS)Gives parents a new financial resource in paying for an education. Parents of undergraduate students
are eligible to borrow regardless of income. A PLUS Loan is used primarily to help with the demands of very large tuition bills. For more information
The Signature Student® Loan From Sallie MaeThe Signature Student Loan provides for families who need financing beyond what federal programs can
offer. With the Signature Student Loan, you can borrow up to the cost of education... with a maximum borrowing amount of $100,000. It can be used for
tuition, fees, room, board, computers and other education related expenses. If you're a graduate or undergraduate student and you're seeking funding to
bridge the gap where other loans fall short, then you should consider the Signature Student® Loan from Dollar Bank.
Other OptionsThere are a number of other creative options to help lessen the burden of tuition payments.
Parents can take out a home equity loan. This type of loan usually has higher borrowing limits than other loans because the loan is secured by the
borrower's home. Interest on qualifying home equity loans may be tax deductible (consult your tax advisor for deductibility of loan interest). For more
information click here.
- Many colleges offer tuition budgeting plans. If tuition payments are spread out over a longer period of time, bills can become more manageable.
College work-study programs are subsidized by the federal government. Students can work part-time for either profit or non-profit organizations - with
the employment usually on campus and jobs typically in the school cafeteria or library.
Some colleges offer jobs to students based on their abilities rather than financial need. Jobs may include teaching assistants and dormitory resident
advisors. Ask about these programs when you are making your inquiries into colleges.
Dollar Bank Can Help With College!Ask a Dollar Bank Representative about the ways in which we can provide you with the right type of financing to
meet your education needs. We can supply you with an application kit for Stafford Loans, give you details about our home equity loans as a financing option
or give you access to a list of private and public colleges and universities throughout the country.
To try our loan calculators,
The information presented in this publication is general in nature; it is not our intention to provide specific
advice to individuals or a comprehensive discussion of the subject matter. We suggest that you consult with your
financial or tax advisor, accountant or attorney to obtain specific advice or comprehensive information.